Innovusion Raises US $30M in Series A Round and Starts Shipping the
World’s First Image-Grade LiDAR System for Autonomous Vehicles

SAN FRANCISCO & SHANGHAI--(BUSINESS WIRE)--Innovusion,
a leading developer of LiDAR technology for the autonomous vehicle
markets, today announced it has raised about US $30 million in Series A
funding, co-led by NIO Capital and Eight Roads Ventures in China, and
F-Prime Capital in the U.S., in addition to seed round from Gaorong
Capital and other strategic investors. On the heels of the funding, the
company’s LiDAR system, the Innovusion Cheetah, is now available for
ordering by customers worldwide. Innovusion Cheetah is the world’s first
image-grade LiDAR system to support level 4+* (fully autonomous under
certain operating conditions) autonomous driving solutions.

With the autonomous vehicle market expected to reach US$80 billion by
2035, LiDAR -- the sensor technology that allows self-driving cars to
efficiently detect and measure the objects on the road around them -- is
essential for reliable, safe Level 4+ autonomous vehicles. Innovusion
Cheetah LiDAR detects objects more than 200 meters away and generates an
exceptionally dense point cloud (300 lines), more than double of that of
other providers in the space, while maintaining a high frame rate and
achieving low-cost in high-volume production. Innovusion is ramping
production to meet worldwide demand starting in Q4 2018.

“LiDAR technology is critical to accelerating the adoption and
deployment of autonomous vehicles, and we look forward to working with
providers and manufacturers to ensure their solutions are supported with
the best-in-class technology for superior range and resolution,” says
Junwei Bao, co-founder and CEO of Innovusion. “This round of funding
will allow us to expand our R&D team and manufacturing facilities to
more quickly develop, market and deliver Innovusion Cheetah LiDAR to
customers around the world, helping drive innovative perception
solutions in autonomous vehicles.”

Innovusion was founded in November 2016 and began shipping samples of
Innovusion Cheetah LiDAR in the second quarter of 2018. Comprised of
experts in various disciplines essential for LiDAR technology,
Innovusion has proven its technology in the two leading markets for
autonomous vehicles: the U.S. and China. Innovusion Cheetah is the first
LiDAR technology to feature the unique combination of image-grade
resolution and high signal-to-noise ratio required for long-distance
detection.

“LiDAR is a key component for autonomous driving, especially high
performance LiDAR. Cheetah is one of the most advanced LiDAR sensors we
have seen in the market,” said Ian Zhu, managing partner at NIO Capital.
“When looking at the robo-taxi market and the amount of testing needed,
we see a strong immediate need for high performance LiDAR sensors. As
for the OEM market, we see automakers putting more and more efforts on
testing and integrating sensors for autonomous driving with more strict
requirements related to cost, auto-gradability as well as performance.
We strongly believe Innovusion will lead and greatly benefit from these
booming markets.”

Eight Roads is very optimistic about the future of autonomous vehicles.
“We believe AV is a game-changer for the future of mobility and look
forward to supporting the development of the entire ecosystem,” said Ted
Chua, Partner of Eight Roads Ventures China. “Innovusion’s technologies
has taken the bar for high-performance LiDARs to the next level, and we
are honored to have the opportunity to back and work with such an
outstanding team.”

“Building technology for autonomous vehicles requires a deep
understanding across many capabilities, as well as real-world
experience, given the safety and reliability demands of the space,” said
Sanjay Aggarwal, venture partner at F-Prime Capital. “We believe
investing in startups that specialize in specific aspects of AV
infrastructure – such as Innovusion – will accelerate the growth of the
market. Innovusion has the combined experience and technology to make a
major impact and we look forward to partnering with them as autonomous
vehicles continue to push toward mainstream usage.”

*A classification system based on six different levels (ranging from
fully manual to fully automated systems) was published in 2014 by
Society of Automotive Engineers international (SAE), an automotive
standardization body.

Those interested in learning more about Innovusion Cheetah can contact
the team at info@innovusion.com.

About InnovusionInnovusion is a leading developer of image
grade LiDAR sensor systems for level 4+ of the autonomous vehicle
markets. Its unique combination of range, resolution, hardware
accelerated sensor fusion, compact size, ease of integration and cost
effectiveness makes its products an ideal choice for the most demanding
applications. The company is venture backed and headquartered in Silicon
Valley.

About Eight Road VenturesEight Roads Ventures is a global
venture capital firm that backs entrepreneurs with aspirations for
greatness. It has over 20 years of venture capital experience in China
and has supported over 85 companies in the country’s healthcare,
enterprise technology, fintech and consumer technology sectors. As the
proprietary investment arm of Fidelity International Limited, Eight
Roads is committed to building bold and meaningful businesses and
together with its associated funds has invested almost US$6bn globally
into growing companies in the past 10 years.

About F-Prime CapitalF-Prime Capital is a global venture
capital firm investing in life sciences, healthcare, and technology.
Since 1969, F-Prime has worked closely with entrepreneurs and academics
to create innovative solutions to some of the world's most significant
challenges in healthcare and technology. For more information, please
visit fprimecapital.com.